The AUDUSD achieves intraday gains – Analysis - 05-07-2022
6 months ago

The AUDUSD pair rallied upwards yesterday after breaching 0.6830 level to touch the bearish channel’s resistance that appears on the chart, accompanied by stochastic loss to the positive momentum and entering the overbought areas, while the EMA50 meets the current resistance to add more strength to it.


Therefore, we believe that the chances valid to rebound bearishly and decline towards 0.6830 followed by 0.6755 levels as main negative targets, taking into consideration that breaching 0.6895 will stop the negative scenario and lead the price to achieve more gains in the upcoming period.


The expected trading range for today is between 0.6810 support and 0.6920 resistance


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The expected trend for today: Bearish

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